The Nigeria Financial Intelligence Unit (NFIU) has banned cash withdrawals from accounts belonging to the Federal Government, all its agencies, and also state and local governments. This is effective from 1st March. NFIU also said that any government official that withdraws cash from public accounts risks investigation from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission …

The Nigerian Financial Intelligence Unit (NFIU) will on Thursday announce new guidelines on cash withdrawals from all government accounts. Last month, the Director and Chief Executive Officer of NFIU, Mr Modibbo Tukur said that the unit was putting all measures in place to stop cash withdrawals from federal, state, and local government areas’ bank accounts. He said: “Because of the …

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele has again failed to appear before the House of Representatives. His action on Tuesday makes it the second time he would refuse to honour the invitation of the lower legislative chamber on the cash withdrawals policy, which has generated intense controversy.. The House had summoned Emefiele to explain the latest policy …

The Arewa Consultative Forum (ACF) has raised its voice against the introduction of the cash withdrawal limits by the Central Bank of Nigeria (CBN). The apex bank recently announced a policy of restricting individual cash withdrawals from commercial banks to N20,000 per day and N100,000 for a week or N500,000 in the case of corporate bodies. But reacting to the …